Median:
Why do I try to use median not the mean, meaning average, when talking about income in most cases?

Please don’t skip –yet, as hopefully you can learn how to approach data and stats from a more informed view set. Regardless if you care about finances or not.

Imagine we have 10 people:
$300,000
$100,000
$70,000
$60,000
$45,000
$45,000
$35,000
$25,000
$0
$0

The Median in the example given is about the current national median wage at $45,000. This figure helps those know –half make more, and half make less
However the Avg income is 23 grand higher, at $68,000 due to the amount the top 10-20% make. THIS completely skews the data and subsequently tells a very different story.

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